Indian banks slash FCNR deposit rates by up to 310 basis points
Indian banks have lowered interest rates on foreign-currency deposits significantly. This action follows the closure of the Reserve Bank of India's special swap window. Banks offered unusually high rates to attract overseas funds during the ten-week period. This special facility enabled lenders to provide substantially higher returns to depositors. The strong inflows prompted the RBI to advance…
We haven't written up this one. The Economic Times - Top News has the full story — the link below goes straight to it.
